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Trust approves annual funding for Myriad Gardens as operating support falls 5%
Summary
The Oklahoma City Economic Development Trust approved an annual funding resolution for Myriad Gardens, noting a 5% reduction in operating support and $205,000 in carryover capital funding; trustees discussed the city—s goal to reduce its share of operating costs to about 30%.
The Oklahoma City Economic Development Trust on May 20 approved a joint resolution to continue annual funding for Myriad Gardens.
Joanna McSpadden, finance department, told trustees the Myriad Gardens operating budget for the coming year is $2,400,000, a 5% decrease from the prior year, and that $205,000 in fund balance is supporting carryover capital projects. “This is funded through a transfer from the city's general fund each year,” McSpadden said.
The discussion noted the city—s stated goal to reduce its share of Myriad Gardens— operating costs toward roughly 30 percent. A trustee asked whether the larger carryover capital amount reflected previously approved projects; McSpadden responded that carryover occurred when projects were not completed and said that the gardens— executive director left midyear last year, slowing work but that a new director was hired and staff expected projects to be completed this year.
Trustees had no further objection and the motion to approve the resolution passed.
The action continues the trust—s pattern of annual general fund transfers to support the gardens while the board and staff monitor the city—s share of operating costs.
